Wafi-Golpu, Frieda will replace big mines: Garry

THE proposed Wafi-Golpu and Frieda River projects will replace the country’s largest mines Ok Tedi and Porgera following their closure in 10 years, according to Mineral Resources Authority managing-director Jerry Garry.
Speaking at a takeover ceremony in Port Moresby on Friday, Garry said: “However, when these deposits go into production in about five years from now, PNG will not have any mega mineral reserves remaining.
“Even more challenging is the fact that almost, if not, all the major mineral potential deposits located on the surface or near sub-surface have already been tested sufficiently without success.
“Thus, we are now confronted with the huge challenge of securing our dependence on the mining sector for the future.
“Given the fact that there will be no mega reserves remaining after granting of Wafi-Golpu and Frieda River, a huge lead time of 10 years and almost depletion of surface to near sub-surface targets, our dependency on the mining industry will be facing extinction and requires urgent interventions for resuscitation now.”
Garry, who took over from acting managing director Nathan Mosusu, said he was also passionate about the country’s alluvial gold sector.
The country’s alluvial goldfields in Bulolo, Morobe, conceived Placer Developer Ltd in 1926.
It later grew from a few kilograms of gold per year to one of the most-successful gold companies in the world.
At the time of its takeover (1987) by Barrick, Placer Dome had a market capitalisation of US$6.7 billion (K22.6bil), and operated/owned 16 gold mines in six different countries.
“We recognise alluvial gold mining sector as important SME (small medium enterprises),” Garry said.
“But previous support programmes for the alluvial gold sector have failed to provide a balanced suit of clinical dosages, sufficient to incubate and grow Papua New Guinean miners to become Placers Domes of Papua New Guinea.”
Mosusu and Mining Minister Johnson Tuke welcomed Garry and assured him of their support during his four-year tenure as managing-director.
Garry, from Chimbu, is a geologist by profession with more than 30 years of experience in PNG and abroad.